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EQ Bank GIC agreement notice.
May 14, 2018
12:38 pm
semi-retired
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Most FI's allow a few days or more (up to 10) to cancel an automatic roll-over or new GIC.EQ has changed to 1 business day.If you deal with EQ pay very close attention to due dates on your GIC's. Subject: Changes to GIC Agreement
From: EQ Bank
As part of our commitment to clear and open communication with our customers, please note that the EQ Bank GIC Agreement is changing on May 5th, 2018.

As per the new Agreement, the GIC cancellation period is changing to one business day. Customers may cancel their purchase of an EQ Bank GIC any time up to 11:59 PM Eastern Time the business day following the GIC Effective Date without penalty, and will be entitled to a refund of all principal invested. Customers will not receive a payment of interest.

The latest GIC Agreement can be viewed at http://www.eqbank.ca/GICAgreement.

EQ Bank Customer Care

May 14, 2018
11:22 pm
Rick
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I think that applies for the initial purchase of a GIC. I haven't used EQ for GICs, but looking from the outside, it appears that they do not roll them over.

Treatment at Maturity

On the Maturity Date, the principal and any accrued interest on your investment that has not already been paid to you will be deposited to the EQ Bank Savings Plus Account from which your initial investment was funded.

Anybody actually purchase one? I started the process, but didn't complete it, and there was no maturity option.
Kind of falls just a bit short of "clear and open communication with our customers"

May 15, 2018
1:27 am
Loonie
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I agree, it's a bit confusing, but it does look like the short cancellation period is for the initial purchase, and the no-rollover clause is for renewals.

While EQ can be annoying at times, I must congratulate them on the no-rollover policy. I can't think of any other FI which has this as the default. I'm confident it's what most EQ customers would want, and it's nice to see them recognizing this.sf-smile

May 15, 2018
6:59 am
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Rick said
I think that applies for the initial purchase of a GIC. I haven't used EQ for GICs, but looking from the outside, it appears that they do not roll them over.

Treatment at Maturity

On the Maturity Date, the principal and any accrued interest on your investment that has not already been paid to you will be deposited to the EQ Bank Savings Plus Account from which your initial investment was funded.

Anybody actually purchase one? I started the process, but didn't complete it, and there was no maturity option.
Kind of falls just a bit short of "clear and open communication with our customers"  

I guess I should have just posted the updated EQ rule changes regarding GIC's & not added the automatic roll-over wording without fully reading the fine print of the entire article.Sorry.

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